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TOKYO- Oil declined for three consecutive days on Friday. Such inactivity was brought by investors’ anxiety over slump in oil demand mainly from coronavirus contagion. In line, the Brent and US crude are both on track for their sharpest weekly decline.
Brent crude LCOc1 shed 47 cents, equivalent to 1.4%, and was quoted at $32.75 per barrel at exactly 0317 GMT. The crude fell deeper after losing 7% on Thursday and is set to decline 28%, the sharpest weekly drop since the Gulf War of 1991.
US West Texas Intermediate (WTI) crude Clc1 lost 54 cents, equivalent to 1.7%, and last stood at $30.96 after declining 4.5% in its previous trading session. The contract is on track to its weakest week since the Great Financial Crisis of 2008.
Major crude manufacturers are to add extra crude to an oversupplied market as travel restrictions, event cancellations, and other economic inconveniences directly impacted crude demand.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
Oil prices fell on Monday as a surge in coronavirus cases and the escalating U.S.-China tensions prompted a safe-haven bid. Brent crude slid 0.2%, or 8 cents, at $43.26 per barrel. U.S. West Texas Intermediate crude fell 0.2%, or 7 cents, ...
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